Bitcoin Accumulates $2,000 In Minutes As Crypto Markets Pull Back

Bears seem to be having none of it. The cryptocurrency market has rallied in the last hour, sparking more than $100 million in liquidations and erasing most of today’s gains.

Bitcoin price reaches $59,000

As reported by CryptoPotato today, the price of BTC hit a six-day high in the morning, reaching above $61,000. That raised hopes that the bulls may be regaining their ground, but that doesn’t seem to be the case.

As seen in the chart below, it took a few hours for the sellers to regroup and manage to invoke two subsequent aggressive red candles, pushing the price towards $59,000, roughly where it was before today’s rally.

Source: TradingView

The move resulted in many liquidated leveraged positions. Approximately $130 million was removed in the last 24 hours, almost half of it in the last two hours.

The broader crypto market also declines

The sudden crash was not limited to BTC. The entire market is in the red over the last hour, with most cryptocurrencies trading close to breakeven for the day.

Source: Quantify Crypto

It remains to be seen what the reason for the sudden move was, as there are no obvious causes at the time of writing.

As we previously reported, Bitcoin exchange-traded funds saw their lowest trading volume in six months, indicating a lack of appetite for the product.

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